patrick.net

I bet $485,000 is still pretty expensive compared to the local wages in Boise.

Off the subject, I have seen in Florida and Baja Sur Mexico a huge increase in prices over the last several years because of people escaping NYC, CT, NJ, CA, OR, WA, Canada, and other places.

Guys I met in Baja Sur were working remotely and paying $500/month rent for a house instead of the high rents up north.
Factoid: in Baja Sur, you don't need AC nor heat from October until mid June, so your electric bill will be under $20/month.

clambo says

I bet $485,000 is still pretty expensive compared to the local wages in Boise.

Precisely correct. Without work-from-home and fleeing shithole state buyers, timberrrrrrrrrrrr…...

I hope you guys are right I would really like to buy some investment property or a cool cabin in the sticks.

Houses are overpriced here for sure. But the one thing about the market here is everyone I've met here that moved from somewhere else put a massive down or paid cash. I talk to a lot of loan officers and they say the same thing. I'd gladly take a 50% cut if it allowed me to buy more properties.

California refugee inflation, meet prime rate deflation.

clambo says

I bet $485,000 is still pretty expensive compared to the local wages in Boise.

Off the subject, I have seen in Florida and Baja Sur Mexico a huge increase in prices over the last several years because of people escaping NYC, CT, NJ, CA, OR, WA, Canada, and other places.

Guys I met in Baja Sur were working remotely and paying $500/month rent for a house instead of the high rents up north.
Factoid: in Baja Sur, you don't need AC nor heat from October until mid June, so your electric bill will be under $20/month.

Agreed, Baja is an overlooked cheap gem, also mostly spared from narc crime.

houses here in boise go for around 350, 450 in “nice” areas. expensive areas are where rich californians settle and turn it into mini california. i live in the country side, but if i go into those areas it’s just like ca. mini california… native idahoans don’t like those californicated areas. they aren’t bad, just how people live there is same selfish entitled way.

Californians didn't used to be like this. 4-5 generations ago they uses to be Jack London types, hard workers, always with a knack for protecting their beautiful environment, not a bad thing. I'd say the golden era lasted into the 1st dot com boom, maybe even into the early 2000s. You can still find em in rural areas

mell says

Agreed, Baja is an overlooked cheap gem, also mostly spared from narc crime.

Funny timing on that statement:
Bloody mayhem erupted at a race in Baja California when drivers were ambushed by gunmen who opened fire on them, a shocking glimpse at the dangers of daily life in a region that is rife with drug cartel violence.

https://www.bizpacreview.com/2023/05/21/mexican-drug-cartels-battle-in-baja-california-region-11-dead-as-carnage-captured-on-video-1361019/

I saw about that crazy shit up in Ensenada also.
This is why I would never "bet the ranch" on Mexico, anywhere.
Groups of expats who live around there say that the groups were both Mexicans; the drivers and the gunmen.
They claim both groups were antagonistic cartel members.
Whether this is bullshit or not who knows?

One problem is you are never entirely safe anywhere in Mexico; they just don't have a decent law enforcement system.
I met Canadians who were considering selling everything and buying a place in La Paz; I said "have a place to go back to; you never know if some asshole decides to give you a problem, you can't expect help down here."

One of the nice things about the Jupiter Florida area is they have plenty of cops; they are just minutes away and they don't fuck around.

Homes in Austin and Boise are Selling for $80,000 Less Than a Year Ago.

Pandemic boomtowns and pricey coastal markets are seeing historic home-price declines. Nationwide, the median home sale price dropped nearly $18,000 from a year earlier in April as elevated mortgage rates dampened homebuyer demand.
————
Home prices fell from a year earlier because elevated mortgage rates hampered homebuyer demand, but also because prices were near their all-time high at the same time last year. The median sale price in April 2022 was $425,634—just shy of the $432,109 record set the following month.

The steepest declines were in expensive California markets and pandemic boomtowns, where prices soared to unsustainable levels during the pandemic and are now coming back down to earth.
The Oakland, CA metropolitan area saw the biggest dip (-16.1% or $174,500 YoY), followed by Austin, TX (-15.3% or $85,000), Boise, ID (-15.1% or $80,000), San Francisco (-13.4% or $220,000) and Salt Lake City (-10.9% or $60,000). In percentage terms, all five metros posted record declines in April, with the exception of Boise, which posted the second biggest drop on record (the biggest was in March). Redfin’s records date back to 2012.

https://www.redfin.com/news/housing-market-tracker-april-2023/

Is anyone surprised that house prices fall when mortgage interest rates rise?

House I sold in CA and house I bought in ID, they seem to be tracking the same.

RC2006 says

House I sold in CA and house I bought in ID, they seem to be tracking the same.

Yeah, so if you own, you are hedged, assuming the two markets move in tandem. Best - your current home market is more stable than your new home market when you sell and buy. Arbitrage.

mell says

Agreed, Baja is an overlooked cheap gem, also mostly spared from narc crime.

Mostly spared from narc crime FOR NOW.

HeadSet says

mell says

Agreed, Baja is an overlooked cheap gem, also mostly spared from narc crime.

Funny timing on that statement:
Bloody mayhem erupted at a race in Baja California when drivers were ambushed by gunmen who opened fire on them, a shocking glimpse at the dangers of daily life in a region that is rife with drug cartel violence.

https://www.bizpacreview.com/2023/05/21/mexican-drug-cartels-battle-in-baja-california-region-11-dead-as-carnage-captured-on-video-1361019/

Ensenada has never been safe (neither has Tijuana, but Ensenada is worse), further down there is so much desert and simple, poor life, that there is rarely crime. Cabo San Lucas is fine as well mostly.

"I caught something weird in Ensenada
I've a brother of sorts in Torquemada
Long distance information
Disconnect me if you can
On detonation boulevard"

Eric Holder says

mell says

Agreed, Baja is an overlooked cheap gem, also mostly spared from narc crime.

Mostly spared from narc crime FOR NOW.

Yep

mell says

Eric Holder says

mell says

Agreed, Baja is an overlooked cheap gem, also mostly spared from narc crime.

Mostly spared from narc crime FOR NOW.

Yep

I like how El Salvador put the kibosh on their gangs. Would be cool if MX could replicate the move.

The cartel guys aren't very active in Baja Sur for several reasons.
It's far from the frontier with the USA, 932 miles away in Tijuana.
The drug dealing business is probably pretty lousy in Baja Sur.
I'm able to bail out quickly if it gets annoying. I didn't bet the ranch down there and I have lots of dry powder (cash) and can go anywhere.
So far, so good in Baja Sur.
"come for the food, stay for the chicks."